February 2016

Corporations Amendment (Crowd-Sourced Funding) Bill 2015

Mills Oakley has made a submission on the Corporations Amendment (Crowd-sourced Funding) Bill 2015. The bill would place the CSF intermediary (platform provider) at the centre of the regime, requiring that all crowd-funding be done through a CSF intermediary. The submission expresses the concern that the CSF intermediary is put in a position of material conflict and is also made a de facto regulator of issuers. Combined with high statutory liabilities, this level of regulation may make the costs of a CSF intermediary too high and so undermine the crowd-sourced funding regime.

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Mills Oakley is a leading national law firm with offices in Melbourne, Sydney, Brisbane, Canberra and Perth. With over 100 partners and more than 670 staff, we offer strong expertise across all key commercial practice areas.

From origins in Melbourne in 1864, Mills Oakley has grown to become a domestic leader in legal services with a client base of ASX-200 listed companies, mid-sized corporations, the public sector and not-for-profit organisations.